North Carolina Man Who Posed As Investment Adviser Indicted For Stealing Over $600,000 In Investor Funds

Press Release

Defendant Allegedly Committed Aggravated Identity Theft By Using Identity Of Legitimate Investment Illinois-based Adviser In Connection With Scheme

Baltimore, Maryland - A federal grand jury returned a sealed indictment on August 21, 2024, charging Hunter Haithcock, a/k/a Hunter Elliott, age 23, of Matthews, North Carolina with three counts of wire fraud, one count of aggravated identity theft, and one count of investment adviser fraud relating to his theft of at least $600,000 in funds from at least 50 investors. The indictment was unsealed upon the arrest of the defendant. The defendant had an initial appearance yesterday in the U.S. District Court for the District of Maryland.

The indictment was announced by Erek L. Barron, U.S. Attorney for the District of Maryland and Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation, Baltimore Field Office.

According to documents filed in this case, from September 2019 to October 2022, Haithcock posed as an investment advisor employed by a large brokerage firm and misappropriated at least $600,000 from at least 50 investors. Haithcock, who had been entrusted to invest those funds through the creation of investment accounts for the investors, instead perpetrated a scheme to defraud the investors by causing them to distribute monies intended to fund their investments to accounts he controlled. Instead of investing the investors' funds for their benefit as he had promised, Haithcock spent the money for his own personal use, including paying expenses such as car payments, airplane tickets, restaurant purchases and entertainment. He also invested some of the monies in funds for his own benefit. Further, Haithcock falsely represented to investors that he worked with, and for, an alleged identity theft victim at a large brokerage firm and used the victim's name and Financial Industry Regulatory Authority (FINRA) Central Registration Depository ("CRD") number in connection with the scheme.

If convicted, Haithcock faces a maximum sentence of 20 years in federal prison for each wire fraud count; a minimum mandatory sentence of two years in prison for the aggravated identity theft count, which will run consecutive to any other sentence; and a maximum of 5 years in federal prison for investment adviser fraud. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

U.S. Attorney Barron commended the FBI for its work in the investigation and also thanked the Cecil County Sherriff's Office and the Office of the Attorney General for the State of Maryland for their assistance. Mr. Barron thanked Assistant U.S. Attorneys Paul Riley and LaShanta Harris, who are prosecuting the federal case.

For more information on the Maryland U.S. Attorney's Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

Contact

Updated September 6, 2024